|Acquisition and Holding
- NRIs/PIOs are allowed to acquire or hold immovable property without any RBI approval.
- Acquisition can be by way of purchase, gift or inheritance.
- Acquisition can be for any number of immovable property, to the extent it is for investment purpose (and not as real estate business activity).
- Agriculture land, farm house and plantation property cannot be acquired or hold by NRIs/PIOs, except if so acquired by way of inheritance.
- Foreign citizens of foreign origin are not allowed to purchase immovable property.
- NRIs/PIOs are allowed to transfer the immovable property by way of sale or gift, without any RBI approval.
- Agriculture land, farm house and plantation property can be transferred by NRIs/PIOs to Indian citizens only.
|Mode of Payment
|Payment for purchase of Immovable Property can be made:
- Remittance from abroad through normal banking channels
- Through funds held in NRE/FCNR/NRO account
- Loan from Authorised Dealer Bank/Housing Finance Institutions/Indian Company Employer
|Repatriation of Sale Proceeds
|Repatriation is allowed to the extent of:
- Forex brought into India or amount debited to NRE/FCNR account, for the purchase of property and
- 1 Million US Dollars per Financial Year
- NRIs/PIOs are allowed to rent out the immovable property without any prior approval of RBI.
- Rental Income is allowed to be credited to NRO/NRE account, and also allowed to be directly remitted abroad.
|Citizenship Related Restriction
- A person, who is citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, China, Nepal or Bhutan, is not allowed to acquire/hold/transfer an immovable property, without a prior approval of Reserve Bank of India.